Qatar Petroleum, Exxon Continue Texas LNG Project
Exxon and Qatar Petroleum will proceed with a $10 billion expansion of their Golden Pass liquefied natural gas import terminal in Texas to turn it into an export facility as well, Reuters reports, citing source familiar with the matter.
The third partner in the venture, ConocoPhillips, however, will not be joining them in the expansion and has decided to sell the 12.4% interest it holds in Golden Pass, the sources said, adding that Exxon, which has a 17.4% stake in the project, is the most likely buyer.
Qatar Petroleum is the majority shareholder in the venture with 70%.
The Golden Pass terminal can accommodate up to 56 million cubic meters of natural gas for regasification right now. The sources did not detail the capacity of the future export part of the facility.
Reuters sources also noted that Exxon and Qatar Petroleum have been forging closer ties in the liquefied natural gas segment across the world, from Qatar itself to Mozambique and the United States, which, thanks to the shale gas boom, has become an increasingly important exporter of LNG.
Qatar plans to invest $20 billion in US natural gas, part of a larger US investment campaign by the Qatar Investment Authority that will total $45 billion as it diversifies away from Europe.
Meanwhile, LNG capacity is growing along with demand. Earlier this week, oilfield services provider Baker Hughes’s chief executive, Lorenzo Simonelli said he expected new LNG projects with a total capacity of 100 million tons per year could be approved this year alone.
source: Financial Tribune
Top News
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
India’s record gold import said to be due to calculation error
Norilsk Nickel plans to sell all it produces in 2025
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Mercuria partners with Zambia on metals trading venture
Aluminum price falls to one-month low in wider commodity slump
Lure of Anglo’s copper mines could test BHP’s spending resolve
Copper giant Peru foresees another production plateau in 2025
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Lure of Anglo’s copper mines could test BHP’s spending resolve
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
